Clearly Contacts bought by Essilor for $445M

Vancouver based contact lens distributor sold to French optical firm

Essilor wants to buy the Vancouver company that owns Clearly Contacts for $445 million. (AP)

Eyewear company Coastal Contacts Inc. (the parent company of Clearly Contacts) is being sold to French optical firm Essilor International for $445 million.

Essilor will pay $12.45 in cash for every one of Coastal's TSX-listed shares, the two companies said in a release late Wednesday.

COA shares closed at $10.39 on the TSX on Wednesday, but the offer is 43 per cent over its three-month average price of $8.73 and 84 per cent higher than its six-month average of $6.78.

Coastal's board has unanimously endorsed the transaction, which is still subject to shareholder and regulatory approval. If that happens, the deal is expected to close within 90 days.

Formed in B.C. 14 years ago, Clearly Contacts sells contact lenses online to customers in 10 countries including Canada, the United States, Sweden, Norway and Japan.

Essilor is a French optical conglomerate founded more than a century ago. The company's brands include Varilux, Crizal and many others. Last year, Essilor bought Costa, which makes athletic sunglasses, for $270 million.

Essilor also develops and sells equipment for prescription laboratories as well as instruments and services designed for optical professionals.